A message from Centura's CEO
This was posted on the Centura news group by Marlene yesterday. There is some indication that it was also emailed to some clients.
______________________________
Dear Centura Software Customers:
We understand that over the last year or more many of you
have developed serious concerns over our long-term
financial and strategic viability. In the last few months,
in conjunction with significant internal restructuring, we
have taken measures to address both of these areas.
First, Centura Software is pleased to announce the completion
of a significant recapitalization of the Company. This
includes the conversion of the $12.2 million Convertible
Note originally held by Computer Associates International.
The note was purchased by a group of investors in return for
equity. Thanks to the improved capital structure, in tandem
with our very strong fourth quarter 1997 financial results,
we believe that financial concerns over the future of the
company are solved.
Referenced below are two recent press releases providing
details regarding the recapitalization and fourth quarter
financial results, see also the Wednesday March 4th edition
of the Wall Street Journal p. CA-2. The information can be
summarized as follows:
* Equity has increased by over $14 million to a positive balance
of $4.5 million
* Approximately one quarter's worth of cash availability; $8
million
* Continued listing requirements on NASDAQ SmallCap have been met
* $12.2 million of Computer Associates debt has been eliminated
from Centura's capital structure
* Operating income for 4Q 97 of $2.3 million was the best in five
years
Second, Centura has recently announced several new and updated
database products and development tools. SQLBase 7.0, the latest
generation of our flagship database product, began shipping at
the end of 1997, and Centura Team Developer 1.5, with ActiveX
support, has just been released to Beta: we will meet our schedules.
Centura will continue to support its customers with new and improved
products as we refocus Centura on its core embedded database and
tools business.
For further information on our products, we invite you to visit our
web site at www.centurasoft.com, or contact your Centura Software
sales representative. Now that our financial structure is much
stronger and our strategy is focused, Centura will be turning its
full effort to improving service levels as we deliver new,
innovative, and reliable database and tools products to you, our
valued customers. We look forward to serving you for many years
to come.
Sincerely,
Scott R. Broomfield
CEO
Centura/Gupta Announces the Completion of Its Balance Sheet
Recapitalization
centurasoft.com
Centura Announces Fourth Quarter Earnings, Best Operating Income
in Five Years
centurasoft.com |
